Editorial
Naira’s Free Fall
These are not the best of times for the Nigerian national currency, the Naira. It is buffeted on all sides by a fast depreciating value. Already, the weak local currency is taking a toll on the nation’s economy which is now encountering declining industrial production, massive job losses, escalating cost of living, worsening insecurity and difficulties in transportation, among others. When condensed, they present a hazardous slide towards a comprehensive economic meltdown. The flit needs to be stalled.
The Naira has been in a free fall. It plunged to a new low of N620 to US$1 last week in the parallel market, heightening fears of a further devaluation by the Central Bank of Nigeria (CBN). According to data published by FMDQ Group, where forex is officially traded, the Naira, which opened trading at N426.63, closed at N430.33 to a dollar last Friday. Experts say this is the weakest the Naira has exchanged this year. This upturns fiscal planning in the public and private sectors.
As businesses and citizens fussed over the foreign exchange volatility and its attendant negative effects, the CBN raised the benchmark interest rate from 11.5 per cent to 13 per cent for the first time in two years. This will invariably push inflation further up. The local currency is diminishing steadily following increased speculation, receding external reserves, and low forex inflows.
External reserves fell by $313 million in March, says the CBN. The rise in the acceleration of political activities is seen also as a key factor in the depreciating exchange rate. Meanwhile, politicians are reportedly mopping up dollars for the 2023 electioneering. The Federal Government is not managing the headwinds effectively. The country remains import-dependent and relies on crude oil for over 80 per cent of its foreign earnings.
Nigeria is not profiting from the increasing oil prices fuelled by the Russia-Ukraine war. This is because of a lack of capability to heighten production as a result of enormous crude oil thievery and dwindling investment. Diaspora remittances, which depict an important source of forex inflow into the country, have been on the fall recently from $12.3 billion in the second half of 2018 to $9.3 billion in the first half of 2021, according to CBN data.
The collapsing Naira is a huge trouble for our nation. The random way the CBN has been overseeing the economy is a reason for worry. The system is replete with contrariety, patronisation and corruption. Analysts fear the currency may wreck farther N1,000 to $1 shortly. The apex bank’s many exchange rate regimes power massive fraud. Connected operators generate tremendous profits, while those in the real sector can scarcely procure forex. They are compelled to get dollars from the parallel market, as the official sources rarely satisfy a fraction of their demands.
This is further worsened by the CBN Governor, Godwin Emefiele’s recent involvement in politics which has corroded the modicum of faith Nigerians and international investors had in the CBN’s capacity to navigate the economy on the corridor of advancement and oversee inflation, forex, and interest rates. The National Bureau of Statistics (NBS) said inflation jumped to 18.6 per cent this month, the highest this year, following a comparable uptick recorded last month on the back of higher energy and food prices.
Again, Nigeria’s cumulative debt burden rose to N39.55 trillion in December 2021, denoting N1.55 trillion or a 4.1 per cent increase in three months from N38 trillion in September 2021. The regime’s craving for borrowing is phenomenal. Last April, President Muhammadu Buhari solicited authorisation for an upswing in the 2022 budget deficit to be financed through domestic borrowing a few days after the Debt Management Office (DMO) disclosed a schedule of the Federal Government’s N720 billion domestic borrowing plans for the second quarter of 2022.
Industry cessations and the attendant job losses, congestion at the ports, and rising JET-A1 price that has almost incapacitated the domestic aviation industry are unmistakable signs of a falling economy. The Federal Government should put a stop to borrowings in another phoney bid to rebuild the doomed refineries, the Ajaokuta Steel Company and other unreasonable overheads.
For the Nigerian Naira to grow, the exchange rate must stabilise. The current situation has already affected the country’s manufacturers significantly. For instance, how do manufacturers who import raw materials strategise in a regime of volatile exchange rates? Many of them have complained bitterly about how the plummeting exchange rates impacted their planning and put them in a most difficult situation.
Furthermore, foreign investors have to be attracted to the nation’s capital market. The problem requires a multi-pronged solution, and it is achievable if more seriousness is attached to it. The concerns that make capital importation dwindle must be addressed. The absence of foreign investors is drying up the source of foreign exchange which could have provided succour to the waning currency.
The highly exorbitant political system Nigeria runs is not boosting the Naira. For example, presidential aspirants under the ruling All Progressives Congress (APC) paid a minimum of N100 million to obtain the party’s presidential form, while the opposition Peoples Democratic Party (PDP) expended N40 million. At the just concluded convention of the two leading parties, it was reported that delegates were reimbursed profoundly in dollars.
Meanwhile, the electioneering span has just begun, and now the Naira is exchanged for N620/$ at the parallel market. More money will still be injected into the political space in an election season such as this. Therefore, there is no assurance that the exchange rate will not worsen. The economy cannot experience any meaningful growth if this particular trend is not stopped.
Efforts are also needed in demand management to promote Nigerian-made goods, manufacturers source raw materials, and eliminate political interference in foreign exchange allocation to qualified end users. If these policies and many others are not adopted, the rapid depreciation of the Naira would prolong indefinitely, with its concomitant effect on the inflation rate. These would not be in the overall best interest of the palpitating Nigerian economy.
The news of the Koton Karfe prison break in Kogi State, were met with a degree of resignation, underscores a
deeply troubling and recurrent crisis within Nigeria’s correctional system. The escape of 12 inmates, despite the swift recapture of a few, serves as a reminder of the vulnerabilities plaguing these facilities. This incident is not an isolated event, but rather the latest chapter in a well-documented history of prison breaches across the country.
From the Ikoyi riot in 2004 to the more recent, and devastating, escapes linked to the #EndSARS protests, the pattern is clear: Nigerian prisons are struggling to maintain security and prevent inmates from absconding. The chilling detail of an escaped inmate immediately murdering a witness further highlights the grave consequences and potential societal impact of these failures. The sheer scale of the problem, with over 5,238 inmates escaping during 15 jailbreaks in just two years, demands urgent and comprehensive attention.
Nigeria’s correctional system is in dire need of comprehensive and urgent reform, as evidenced by a confluence of deeply troubling issues. Senate President Godswill Akpabio’s observation regarding the increased frequency of jailbreaks since the transition from Nigeria Prisons Service to Nigeria Correctional Service highlights a systemic failure in maintaining secure facilities and rehabilitative programmes.
Furthermore, public trust is eroded by credibility crises, such as the alleged premature release of crossdresser Bobrisky in 2024, suggesting potential corruption or preferential treatment within the system. Adding to this already alarming situation is the overwhelming number of awaiting-trial inmates. Of the approximately 79,863 individuals currently incarcerated, a staggering 70 per cent (53,254) are yet to be convicted, pointing to severe inefficiencies and delays within the judicial process.
Perhaps, most damning is the revelation that children constitute a reported 30 per cent of the correctional population, a statistic that shames the nation and underscores the urgent need for age-appropriate justice and rehabilitation mechanisms, moving away from simply warehousing vulnerable youth within an overburdened and ineffective system.
The penal system, fundamentally toxic at its core, suffers from a crippling combination of systemic neglect and inherent flaws. Severely underfunded and perpetually overcrowded, prisons are often characterised by crumbling infrastructure, inadequate healthcare access, and absence of meaningful rehabilitation programmes. This confluence of detrimental factors cultivates an inhumane environment that actively undermines any potential for reform, instead fostering resentment and potentially hardening inmates into more serious criminals.
The strain on resources is painfully evident even in the most basic provisions, clearly illustrated by the inadequacy of feeding allowances. While the Federal Government’s recent increase of the daily allowance from N750 to N1,125 per inmate represents a step forward, it remains grossly insufficient to provide proper nutrition, showing the pervasive and deeply ingrained nature of the problem.
The justice system is plagued by systemic inefficiencies and ethical breaches, which creates a breeding ground for injustice and exacerbating societal problems. Unacceptable delays bog down the courts, compounded by archaic manual record-keeping systems that lead to lost files and impede the swift administration of justice. The integrity of evidence is further compromised by the alleged admission of forced confessions without proper verification, raising serious concerns about due process.
This flawed system allows for the regular arrest and detention of innocent individuals, who then suffer the indignity of prolonged incarceration. Compounding these issues are credible reports of dehumanising treatment of detainees, and allegations of collusion between security agents and magistrates to unlawfully prolong custody. These failures erode public trust and create a dangerous cycle, plausibly contributing to the rise in violent crime as prison escapees, potentially radicalised or hardened by their experiences, may resort to armed robbery, banditry, terrorism, and kidnapping.
The justice system’s deep-seated flaws cultivate a breeding ground for further crime and erode public safety. Crippled by systemic delays, reliance on antiquated manual processes, and the alarming acceptance of potentially coerced confessions, the system frequently fails to deliver justice and protect the innocent. The routine arrest of innocent individuals, followed by prolonged and unjust detention, points to a broken process ripe for exploitation. Dehumanising treatment within detention facilities, coupled with alleged collusion between security agents and magistrates to circumvent due process, fosters a climate of mistrust and fuels resentment.
This dysfunction extends beyond individual injustices, potentially contributing to broader societal problems. The escape of prisoners, some of whom may then engage in violent crimes demonstrates the tangible threat these failures pose to public safety. The tragic events at St. Francis Catholic Church in Owo, allegedly perpetrated by escaped ISWAP members, serve as an illustration of the devastating consequences stemming from a broken and permeable justice system.
The Nigerian prison system faces a multitude of challenges, but glimmers of hope shine through. The graduation of 1,229 inmates from the National Open University of Nigeria serves as powerful evidence of rehabilitation’s potential when individuals are afforded proper educational opportunities. To further bolster this potential and address systemic issues, a shift towards true federalism with devolved prison management is necessary.
If states and local government areas establish their own custodial centres, a decentralised system can be created where suspects are housed closer to their respective jurisdictions, potentially easing overcrowding at the federal level. Simultaneously, the Federal Government must deliver on its promise to construct new custodial centres and relocate existing ones from densely populated areas. This infrastructural improvement, coupled with a rigorous vetting process to prevent wrongful incarceration, will significantly reduce the burden on the system.
Nigeria should look beyond its borders, studying and adopting best practices in prison modernisation from countries with successful rehabilitation-focused correctional systems. By prioritising rehabilitation over mere punishment, and implementing strategic reforms, Nigeria can transform its correctional system into one that fosters positive change and contributes to a safer society.
Yesterday was Easter Sunday, a day when Christians around the world celebrate their belief that Jesus Christ rose from the dead after being crucified and buried. The day is a moment for deep reflection and spiritual renewal. The Lenten season before Easter promotes self-examination, fasting, and prayers to help believers grow closer to God. This time of reflection leads to the joyful celebration of resurrection. The Risen Christ represents hope and the promise of life after death, highlighting themes of love, sacrifice, forgiveness, and reconciliation.
For those who truly understand Easter as celebrating life’s victory over death, the resurrection of Jesus of Nazareth—unjustly executed by Roman authorities—represents justice overcoming injustice, love conquering hatred, and divine compassion transcending human malice. This Easter message challenges humanity broadly and Nigerians specifically. Amid politics often devoid of morality, Easter calls us to prioritise the power of love over the love of power.
This year, Nigerians marked Easter amid a climate of insecurity, with citizens facing abduction for ransom on streets and from homes, and murder on farms and in places of worship. For many years, Nigeria has been entombed in darkness of injustice, sealed with the heavy stone of oppression. This oppression weighs down millions of citizens, preventing them from realising their God-given potential. Our national history reflects disturbing uncertainty and unnecessary, avoidable hardship for many.
Many individuals who pursue or currently occupy positions of public office have unfortunately succumbed to a distinctive form of blindness that accompanies power—a perceptual impairment that renders them unable to recognise a fundamental truth: that no nation built upon the foundation of injustice can truly endure or thrive in the long term. This deliberate refusal to see reality clearly has, over generations, enabled and perpetuated destructive cycles of inadequate governance, institutional failure, and widespread suffering among the very populations these officials have sworn to serve.
Beyond Easter’s religious festivities, we must confront the reality that our population has often fallen prey to dubious religiosity, fake patriotism, and criminally deceitful politics. Nigeria stands as a land immensely blessed by the Creator yet mindlessly damaged by negative attitudes of both leaders and citizens. Despite abundant natural endowments, our country remains populated by impoverished people.
An alarming number of young Nigerians are succumbing to despair. They see no future in their homeland and actively seek opportunities to leave a country that offers little hope to its children. Yet, Nigeria can and should rise from this tomb of hopelessness—Easter’s celebration symbolises precisely this restoration of hope in seemingly impossible circumstances.
Our collective hope must be rekindled and nurtured back to full strength. All Nigerians—from those in the highest positions of leadership to everyday citizens in communities across the nation—need to work diligently and conscientiously toward rebuilding and restoring genuine hope for the younger generation who represent our future. This essential task requires tangible, meaningful actions that clearly demonstrate a sincere commitment to positive, sustainable change rather than continuing the pattern of empty rhetoric and unfulfilled promises that has too often characterised past efforts.
If we genuinely wish to celebrate Jesus’ resurrection and apply its meaning to our national situation, we must resolve to operate differently. We must commit to building a nation where oppression has no place, where elections proceed without acrimony or ethnic profiling, where voter intimidation and vote buying are eliminated, and where results reflect the true will of the people.
Easter encapsulates the profound message of new beginnings and spiritual renewal, challenging us to apply these transformative principles to the rebirth of Nigeria by wholeheartedly embracing and actualising our lofty ideals. Indeed, the generations yet unborn, who will inherit the Nigeria we shape today through our actions and commitments, deserve nothing less than a thoroughly transformed country that lives up to its full potential as the giant of Africa.
For this new Nigeria to emerge, each citizen must commit to living with a completely renewed attitude. We must embrace transformation at both personal and collective levels. The journey toward national renewal begins with individual change—in our homes, workplaces, and communities. Easter should be understood not merely as a celebration but as a sacred obligation to our nation and one another. It represents a profound opportunity for rebirth and restoration. Just as the Easter story speaks of sacrifice leading to new life, our nation requires our collective sacrifice and dedication to experience true renewal.
This season imposes upon us the responsibility to rise from the dark tomb into which greed and selfishness have pushed us, embracing a new life dedicated to truth, goodness, and love. If Nigerians continue with business as usual—maintaining corrupt practices and self-serving attitudes—there would be no legitimate cause for celebration. Indeed, the true meaning of Easter for Nigeria lies not in festivities alone but in our collective determination to resurrect our nation from its current challenges toward a brighter, more hopeful future.
Last Friday, the National Agency for Food and Drug Administration and Control (NAFDAC) destroyed fake, counterfeit and substandard drugs worth over N1 trillion in Awka, the Anambra State capital. Recall that for one month, NAFDAC shut the Onitsha Drug Market, restricting shop owners from coming to the market, barricading it with military personnel, while officials broke into and ransacked shops in search of fake drugs.
NAFDAC’s Zonal Director for South-East, Dr. Martin Iluyomade, revealed some of the drugs destroyed to include Analgin, Tramadol, and various paediatric pharmaceuticals, which had been stored in prohibited areas or were banned by the World Health Organisation (WHO). Iluyomade said the closure and raids of the markets where the drugs were confiscated was in response to public complaints regarding the prevalence of fake, substandard and counterfeit drugs in the South-East.
He said: “Many of these drugs are banned, such as Analgin and certain paediatric medications, and they were stored in places that violate WHO regulations. It is our responsibility to ensure that these products are safe and fit for human consumption. These drugs were transported in a 140-foot truck, valued at over N1trillion, and were supposed to be stored at specific temperatures. However, they were kept in markets that do not meet the required standards.
“The volume of drugs found in these two markets could destabilise the country, and many of these are narcotic drugs associated with criminal activities. People who consume these drugs are not only harming themselves but also using them to commit crimes, which contributes to the growing insecurity in our country.”
Unfortunately, that is the chilling reality of counterfeit drugs, and it is a problem NAFDAC is relentlessly fighting. This dramatic action underscores the monumental scale of the problem and the unwavering commitment of NAFDAC to protect public health. The massive destruction highlights the pervasive nature of the counterfeit drug trade and the resources NAFDAC dedicates to combatting it.
Counterfeit drugs are dangerous, even deadly. They can contain the wrong dosage, the wrong active ingredients, or even harmful substances. Imagine taking a pill you believe will cure your illness, only to find it contains something entirely different – something that could worsen human condition or even kill. That is the terrifying reality of the counterfeit drug market.
The insidious world of counterfeit medications poses a grave threat, as these fake drugs often harbour toxic fillers or entirely different, untested chemicals. The consumption of such substances can trigger a cascade of adverse reactions, varying from minor allergic responses to catastrophic organ failure, leaving vulnerable individuals severely harmed. In this critical battle for public health, NAFDAC stands as our frontline defender.
Through tireless monitoring, rigorous inspections, and decisive action against those who peddle these dangerous fakes, NAFDAC acts as a vital gatekeeper, ensuring the safety and efficacy of the medications we depend on. Supporting NAFDAC’s mission is paramount, as it directly equates to safeguarding the lives and well-being of our Nigerians by preventing the proliferation of these harmful and potentially lethal counterfeit medications.
Given the breadth and criticality of NAFDAC’s mandate – regulating everything from food and drugs to cosmetics and medical devices – it is imperative that the Federal Government bolsters the agency’s resources and capabilities. This monumental task, encompassing the entire lifecycle of regulated products from importation to usage, demands substantial investment in infrastructure, advanced technological tools, and a highly skilled workforce.
Under-resourcing NAFDAC risks compromising its ability to effectively monitor and enforce regulations, potentially leading to substandard or counterfeit products entering the market, with devastating consequences for public health and safety. Therefore, increased funding, enhanced training programmes, and optimised operational systems are essential to fortify the agency’s effectiveness and ensure it can continue to protect the Nigerian populace.
No doubt, NAFDAC currently faces numerous hurdles in fulfilling its mandate. These challenges range from inadequate funding and outdated equipment to a lack of personnel and poor training. Insufficient funding directly translates to limited capacity for effective inspection, testing, and enforcement. Imagine trying to police a vast country with only a handful of officers – the task becomes virtually impossible. This lack of resources allows substandard and even dangerous products to enter the market, posing serious risks to public health.
The Federal Government must prioritise NAFDAC’s needs and take decisive action to support, equip, and empower this vital agency. NAFDAC is a cornerstone of public health in Nigeria and its health and economic well-being depend on its support. By providing financial, technological, and human resources, the government can strengthen the organisation’s capacity to protect Nigerians and contribute to national development. Tinubu’s administration must ensure that NAFDAC had the tools it needs to succeed. The lives of millions depend on it.